San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1887-10-20

is q note in general use in this State,
the same being sanctioned by law
g" months after date / prom
ise to pay John Jones or order, sixty
dollars with interest, value received,
waving rights Of inquisition, stay Of
execution and exemption on real or
personal property And do hereby
authorize any attorney in any
court Of record in the United
Suites to appear for me, and
confess judgment against me, as
of any term of court for the above
sum with cost Of suit and attorneys
commission of - per cent for
collection"
This note, doubtless, would seem
rather tough to many men in Texas
who think it reflects upon their hon
or to give security on loans and cred
it's, but it is q fact worthy OF mention
that in every State where rates Of in
terest and profits have been brought
down, that the men who give credit
demand undoubted securities, and
will not let money in any other way.
1t is not enough to say, the above
note is only executed by few OF the
unfortunate poor for its use has be-
come so general that you rarely ever
see plain note of hand given. Near
ly every man agrees to this form, rich
and poor. If the rich take note
secured by the law Of the State, for
their protection. the same law makes
him give it if demanded. Merchants,
bankers, landlords and poor, all alike
walk up to the captains desk and
sign this note. This note ms you will
observe, precludes the possibility OF
cheating creditors under State ex-
exmeption acts, and prominent busi-
ness men here say the good derived
from it 80 far exceeds the bad, that
all are willing for the law to remain
in force, That while it takes away
few homes from the indolent and
spendthrift, it gives means to the
frugal and industrious to secure and
improve homes. This note, as soon
as signed by the vendor, can be TAX
en- and entered upon record by the
clerk, and the giver stands before the
courts with judgment against him
for note, cost and attorneys fee.
Should he pay or satisfactorially ar
range with his creditors, Of course
he has no cost to pay except clerks
fee for entering. He confesses judg'
ment when he signs the note, so that
there remains no more chance for him
to remove the property or put other
claims against it, than if the officer
stood over it with his hammer.
The first good this note claims to
do, is to lower interests and profits
by giving first class security to cred
itors To illustrate: We went tc
a note shaver to sell one of these
notes before takingit. He promised
to discount it 6 per cent per annun
from face of note. But the giver
taking advantage of our ignorance
inserted clause forbidding the hold
er to enter said note of record. Sc
when we presented the note to thu
"shaver," he said, for that note HI
would have to have ten per cent from
its face instead of six. The idea il
simply this; if capital takes big risk
it must be paid for it. The RECORD
claim is security on loans without
extra cost. Third, it brings none.
into the country. Fourth, it put
money into general circulation. Fiftl
it enables farmers and others TO max
their own notes in banks or TO mon
eyed men, thereby saving him iron
the ruinous effects of credit prices
1t saves a merchant from taking sue
haphazard risks.
1t is no new thing TO see firm her
thirty to fifty years old, the old fnan
GERS grandsons moving the busines
quietly and securely along. The &C
cummulation is perhaps not so ra
pid. but tbs safe for the masses, AM
especially considered so for the poor
1t don't insult a man here to ask hin
to sign one Of this notes, for be
educated to do so, and expects moth
ing else. We have given you wha
the people here think Of the note.
}, Some Of our prominent men Of Sal
I Marcos last year advocated q limiie'
repeal Of our state exemption laws
How would it do TO substitute thu
} notef
]. A THONkS
81 Remove. Pa Sept 80. 81
Sex HEEnlcEL-Tho1srnds sso hnr'